Posts

deductible
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Tax Update on Business Meals Being 100% Deductible in 2021

Angela Tang, CPA Estate & Trust Supervisor   The cost of business meals were considered a deductible expense since 1986, the problem is only 50% of such costs were allowed as a deduction until now.  The latest 2020 stimulus…
tax credit
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Is Your Company Eligible for the Employee Retention Tax Credit?

Richard A. Huffman, CPA, MST Tax Partner By retaining employees during the pandemic, your company may be eligible for a payroll tax credit of up to $5,000 per employee in 2020 and $28,000 per employee in 2021. The employee retention…
american rescue plan act
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Significant Tax Provisions from Biden’s American Rescue Plan Act

Richard A. Huffman, CPA, MST Tax Partner   The American Rescue Plan Act signed into law by President Biden includes the following significant tax provisions: Business tax provisions: Family and sick leave credits –…
relief
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CA Lawmakers Reach COVID Relief Deal Including Partial PPP Conformity

Richard A. Huffman, CPA, MST Tax Partner The long awaited recently announced California pandemic relief package includes the following benefit highlights for businesses and individuals: California partial conformity to federal…
covid relief bill
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New COVID Relief Bill Signed Into Law

Richard A. Huffman, CPA, MST Tax Partner   The House and Senate passed the Consolidated Appropriations Act, 2021 (CAA, 2021) which is expected to be signed into law by the President.   The CAA, 2021 bill includes…
sales tax relief
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New California Sales Tax Relief Announced for Small Businesses

Ryan Working, CPA, MST Tax Director Back in April 2020, the Governor allowed taxpayers to apply for sales tax penalty and interest relief for 90 days for any taxpayer reporting less than $1 million in sales on their sales tax return. The…
andy bautista podcast
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Partner Andy Bautista Featured in Podcast Discussing COVID-19 Topics

As we continue through this global COVID-19 pandemic, challenges can arise for businesses that were not visible a few months ago.  Our Tax Partner, Andy Bautista, recently contributed to a podcast that discusses common challenges that businesses…
ppp
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Non-Deductibility of PPP Related Expenses to the Extent of Forgiven PPP Funds (IRS Notice 2020-32)

Janet Kim, CPA, MST Tax Director   The IRS released Notice 2020-32 on April 30, 2020, which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that are forgiven and excluded…
coronavirus

Avoid Phishing in the Time of COVID-19

As the uncertainty of the coronavirus pandemic continues, scammers are using different ways to gather your information and use it for ransom. Some websites are offering information on COVID-19 relief programs in exchange for signing up through…